I was thinking of buying some gold and keeping it in the bullionvault in London. does anyone know about the safety aspects of this. they say they do not use fractional reserve banking and all the gold that is owned by customs is there in the vaults. I am interested on people views on this and whether I am missing anything in the fine print?
safety of gold vaults and fractional reserve storage
- Thread starter lotusmoon
- Start date
This is just in my personal opinion, and I cannot speak directly of the facility you're referring to as I'm unfamiliar with it.
All of that said, what you want to look for in any vault or storage facility is that they're not a bank as such - as an example, if you stored your bullion in a safe deposit box in a bank, and you have a Cyprus type event occur, you can't get to your bullion. And the content of your safe deposit box in the bank is subject to confiscation.
On that basis, look for a private company who offers this type of service. They should also offer insurance, I would strongly recommend taking it. And, fairly obviously, do your research into the company first - how long have they been in business, are they profitable, what do other users say about them etc.
All of that said, what you want to look for in any vault or storage facility is that they're not a bank as such - as an example, if you stored your bullion in a safe deposit box in a bank, and you have a Cyprus type event occur, you can't get to your bullion. And the content of your safe deposit box in the bank is subject to confiscation.
On that basis, look for a private company who offers this type of service. They should also offer insurance, I would strongly recommend taking it. And, fairly obviously, do your research into the company first - how long have they been in business, are they profitable, what do other users say about them etc.
lotusmoon,
I noticed your post count is 1. Welcome to the forum.
I noticed your post count is 1. Welcome to the forum.
thank you both for your comments. The is there url - https://www.bullionvault.com/
they don't seem to be a bank. but are a large and longstanding organisation. on reading it it does seem like they are trading real gold and silver. there storage price seem less than other places. I don't have any where I could safely store or bury it.
I did think of burring some I local woods any thoughts on this ?
they don't seem to be a bank. but are a large and longstanding organisation. on reading it it does seem like they are trading real gold and silver. there storage price seem less than other places. I don't have any where I could safely store or bury it.
I did think of burring some I local woods any thoughts on this ?
They make plenty of info available - do your due diligence based on this (and other info publicly available) to establish veracity and reviews from verified clients if you can: https://www.bullionvault.com/help/FAQs/FAQs_aboutUs.html